Has anyone heard of binfinity before?

[rdbase]

Just stumbled upon this self described as an asset management platform for digital currencies. Which makes it sound like an exchange but could be compared to one that does trades of digital stocks as well.
I havent heard of them before seeing this advertisement of their launch and bonus when you register and open an account with them.
Their website domain threw me off because it had a .ch as their address so I immediately thought it was a chinese exchange and usually those dont allow other countries to register with them so I just closed the website.
Then I did a search and low and behold they are from switzerland.
According to the website I came across doing my quick search of the name - https://icoholder.com/en/binfinity-30502
They are running an ieo a type of ico inwhich exchanges do so to gather up some funding from their potential clients before the official launch of their site.
This is the banner I managed to view to find out about the opening of this asset management company - https://binfinity.ch/home?utm_source=Coingecko&utm_medium=Banner728x90&utm_campaign=IEO%20Coingecko
And this is the information I received while researching about its ieo on the initial site - https://www.coingecko.com/en/ico/binfinity-platform-token

Now my question is: Would you trust in this site with depositing anything to their company?
Because it is too soon to tell if they are a fly by night exchange. Which seem to be a dime a dozen now adays.

[1714121776]

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[1714121776]

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[1714121776]

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[AB de Royse777]

Never heard of them and also I do not trust those ico review sites like icoholder. I have seen in numerous occasions that fake ICO's bought review from those review sites.

Would you trust in this site with depositing anything to their company?

Not at all unless I have seen them operating from long time and has good exposure in the community.

[TryNinja]

Now my question is: Would you trust in this site with depositing anything to their company?
Because it is too soon to tell if they are a fly by night exchange. Which are becoming a dime a dozen now a days.

They are still doing their ICO, right? So we can't even know if they will ever make a working product, release their exchange and actually try to go to the top, or if it's just a quick money grab scheme.

Right now, I wouldn't invest in their ICO. And if they ever release their exchange, I would wait until they build their name. Every service that asks for deposits must earn some confidence before being actively used.

If there are many trusted exchanges in the market, why risk a new one while it's risky? Say in the safe side. And don't think an "ICO verified by X" badge in ICO review websites is worth anything.

[rdbase]

Never heard of them and also I do not trust those ico review sites like icoholder. I have seen in numerous occasions that fake ICO's bought review from those review sites.

Would you trust in this site with depositing anything to their company?

Not at all unless I have seen them operating from long time and has good exposure in the community.

Well I am asking because currently looking for a fast solution of where someone from the states can still trade their crypto altcoin on a qualified platform. Because of binance no longer servicing these customers in less than 48 hours from now.
https://www.newsbtc.com/2019/09/10/psa-only-48-hours-remain-for-us-crypto-investors-to-trade-on-binance
and are only going to offer the follow assets to these same customers on their new platform binance.us

The new exchange is not going to be able to offer any other cryptocurrencies due to them being viewed as securities.

Now my question is: Would you trust in this site with depositing anything to their company?
Because it is too soon to tell if they are a fly by night exchange. Which seem to be a dime a dozen now a days.

They are still doing their ICO, right? So we can't even know if they will ever make a working product, release their exchange and actually try to go to the top, or if it's just a quick money grab scheme.

Right now, I wouldn't invest in their ICO. And if they ever release their exchange, I would wait until they build their name. Every service that asks for deposits must earn some confidence before being actively used.

If there are many trusted exchanges in the market, why risk a new one while it's risky? Say in the safe side. And don't think an "ICO verified by X" badge in ICO review websites is worth anything.

Yes I agree with you there but when the other exchanges came out like cryptopia, cryptsy and the like they were not trusted either.
So every site has to start from somewhere.
It is just being lucky with which trading platform you go with so not to be holding the bag literally once these exchanges sudden close along with their customers funds.
This is the very reason I started asking about fellow crypto users what their thoughts were about this asset management platform and if they would use them or not.
Just some feedback from the wiser crypto traders around the forums is all I wanted to know.

[AB de Royse777]

~snip~
Just some feedback from the wiser crypto traders around the forums is all I wanted to know.

I hope someone else can help you. I am not much of a trader but holder. Currently none of the exchange those exists have any of my coins LOL

[AdolfinWolf]

Yes I agree with you there but when the other exchanges came out like cryptopia, cryptsy and the like they were not trusted either.
So every site has to start from somewhere.
It is just being lucky with which trading platform you go with so not to be holding the bag literally once these exchanges sudden close along with their customers funds.
This is the very reason I started asking about fellow crypto users what their thoughts were about this asset management platform and if they would use them or not.
Just some feedback from the wiser crypto traders around the forums is all I wanted to know.

I wouldn't trust any ICO nowadays with any of my coins.

I'm not sure what coins you're looking to store on this ICO Binfinity, but can't you simply download the altcoin wallet for said coin that is currently listed, and keep your coins in there? You'd control the keys yourself, & no one else will have any control.

If you want to sell said coin, you could do a P2P trade or use something like flypme?
You could also always get someone you trust and who's (virtually) NOT in the states, but Europe etc, to hold the coins in their Binance wallet. if you get what i mean.

[rdbase]

Yes I agree with you there but when the other exchanges came out like cryptopia, cryptsy and the like they were not trusted either.
So every site has to start from somewhere.
It is just being lucky with which trading platform you go with so not to be holding the bag literally once these exchanges sudden close along with their customers funds.
This is the very reason I started asking about fellow crypto users what their thoughts were about this asset management platform and if they would use them or not.
Just some feedback from the wiser crypto traders around the forums is all I wanted to know.

I wouldn't trust any ICO nowadays with any of my coins.

I'm not sure what coins you're looking to store on this ICO Binfinity, but can't you simply download the altcoin wallet for said coin that is currently listed, and keep your coins in there? You'd control the keys yourself, & no one else will have any control.

If you want to sell said coin, you could do a P2P trade or use something like flypme?
You could also always get someone you trust and who's (virtually) NOT in the states, but Europe etc, to hold the coins in their Binance wallet. if you get what i mean.

So you wouldnt even trust an exchange getting into ieo token trading with the general trust of a company such as coinbase?
https://www.coindesk.com/coinbase-may-soon-get-in-the-business-of-initial-exchange-offerings

Many have trusted this company with their information when applying for an account requiring kyc and aml compliance so to use their site in the first place.

I do not use them because of the entire surrendering of the same customer information to the federal revenue agency of those who are in the states.

[Potato Chips]

I wouldn't trust any ICO nowadays with any of my coins.

So you wouldnt even trust an exchange getting into ieo token trading with the general trust of a company such as coinbase?
https://www.coindesk.com/coinbase-may-soon-get-in-the-business-of-initial-exchange-offerings

IEOs are just fancy ICO anyway, as you'll be getting the same situation once it's finished. The exchange that handles them doesn't guarantee that the team won't abandon the project since it is out of their hands. Success is "? ? ? ?" and still plenty of room to scam. I wouldn't hold much trust in it.

Many have trusted this company with their information when applying for an account requiring kyc and aml compliance so to use their site in the first place.

Ignorance is a bliss I guess. A lot of ppl have also trusted their info to blockchain.com for $25

Yes I agree with you there but when the other exchanges came out like cryptopia, cryptsy and the like they were not trusted either. So every site has to start from somewhere. It is just being lucky with which trading platform you go with so not to be holding the bag literally once these exchanges sudden close along with their customers funds.

yup and the reason ppl avoid new exchanges is to avoid becoming the sacrificial lamb. Luck does play a part but research (red flags etc..) is still pretty reliable like in this one for the lack of info and rep, it's enough for me to stay away--at least for now.

[Slow death]

did you see that:



Source: https://icoholder.com/en/binfinity-30502

I researched the co-founder Huw Roger and found this:

he is part of this project https://globalftenetwork.com/fte-taormina-2019/

I don't know if it is a reputable project or not, but the fact is that he and the other co-founder Vaughan Marks are also part of this project " Fusion Systems Group ":

https://www.linkedin.com/company/fusion-systems-group/people

honestly i would stay away from this site

[Leo]

Now my question is: Would you trust in this site with depositing anything to their company?
Because it is too soon to tell if they are a fly by night exchange. Which seem to be a dime a dozen now adays.

I will advise you to watch the site for a while,  this is the first time I'm hearing about "binfinity " lots of new scam ideas are coming out on a daily basis,  ain't saying its a scam though,  but you've gotta chill a little bit before depositing anything,  so as to avoid stories that touch

[Kyraishi]

I think you answered the question in your own post, I personally would never invest any money at all, in a project that hasn't done any marketing, and it's mostly because of 2 reasons.

1. They either don't have enough funds or time to do marketing, which makes them a bad business and one that you shouldn't be throwing your funds into.
2. They are currently in stealth mode, which means their platform isn't ready for a large number of customers, and that isn't safe for you to deposit funs in.

From what I'm looking at, looks like to be a small IEO platform, that's preparing for an IEO, looking to raise like 10M.

Seems like the team is really weird, and in my opinion, looks like a well-made scam. Here's some info about their domain registration.

Domain Name: BINFINITY.IO
Registry Domain ID: D503300000058209021-LRMS
Registrar WHOIS Server: whois.gandi.net
Registrar URL: https://www.gandi.net/whois
Updated Date: 2019-03-08T20:45:10Z
Creation Date: 2018-01-16T08:42:30Z
Registry Expiry Date: 2020-01-16T08:42:30Z
Registrar Registration Expiration Date:
Registrar: Gandi SAS
Registrar IANA ID: 81
Registrar Abuse Contact Email: abuse@support.gandi.net
Registrar Abuse Contact Phone: +33.170377661

Only registered for a year, most legitimate companies would probably buy the domain for min 5 years.

[AdolfinWolf]

So you wouldnt even trust an exchange getting into ieo token trading with the general trust of a company such as coinbase?
https://www.coindesk.com/coinbase-may-soon-get-in-the-business-of-initial-exchange-offerings

I would be very, very skeptical of any ICO/IEO coinbase may conduct, as i am of other exchanges who do so, yes. (All of yobit's IEO's are scams for example.)

An IEO should only be conducted for companies that already have P/E ratios (but aren't publicly traded yet) really, and not as a hype mechanism for shit new projects who overpromise but don't deliver, but that's not the point here.
Coinbase has nothing to do with this company, nor has this company anything to do with coinbase...?

Many have trusted this company with their information when applying for an account requiring kyc and aml compliance so to use their site in the first place.

I do not use them because of the entire surrendering of the same customer information to the federal revenue agency of those who are in the states.

Okay, who cares? This is not related to the company in the OP in the slightest.

The company in the OP is YET ANOTHER ICO for a goddamn unoriginal and shitty idea, namely that of YET ANOTHER exchange. I myself wouldn't invest a penny, nor put a penny of my funds with them.

(I wouldn't store any of my funds on any exchange nowadays, as i've learned my lesson.)

Why do i have the feeling that you made this thread solely to promote <site in question>?

[1Referee]

Only registered for a year, most legitimate companies would probably buy the domain for min 5 years.

Right. I just checked and the average price for one year registration of an .IO domain is around $25-$30, which means $125-$150 for 5 years. If you can't even afford that when you are trying to raise multi millions, you're pretty much broke af, and you signal that it may fail in its first year. 

What they want you to do is fund their idea, if it fails you lost your money, while they walk out with a lambo and whatnot because they obviously won't put everything you gave them in their project. You're lucky if they even invested 25% in their project. It's just a get rich quick scheme. I'm however glad that the ICO/IEO craze seems to be over.

[Kyraishi]

I would be very, very skeptical of any ICO/IEO coinbase may conduct, as i am of other exchanges who do so, yes. (All of yobit's IEO's are scams for example.)

An IEO should only be conducted for companies that already have P/E ratios (but aren't publicly traded yet) really, and not as a hype mechanism for shit new projects who overpromise but don't deliver, but that's not the point here.
Coinbase has nothing to do with this company, nor has this company anything to do with coinbase...?

I personally am under the impression that a company should never do an IEO. IEO's feel like cheating, and with the number of whales that just buy coins (because they know the market will just pump it if it's on a big exchange). It feels like IEO's nowadays are just companies saving up enough money to pay for the exchange, and then they just watch the money roll in. A lot of exchanges have capitalized off this and are using this now to basicall run off with free funds (look at yobit IEOs as an example, pretty obvious that they are run by the exchange themselves).

I reckon it's fair for companies to IEO when they have P/E ratios, but it's been overhyped and spammed too much to be seen as legitimate.

Only registered for a year, most legitimate companies would probably buy the domain for min 5 years.

Right. I just checked and the average price for one year registration of an .IO domain is around $25-$30, which means $125-$150 for 5 years. If you can't even afford that when you are trying to raise multi millions, you're pretty much broke af, and you signal that it may fail in its first year. 

What they want you to do is fund their idea, if it fails you lost your money, while they walk out with a lambo and whatnot because they obviously won't put everything you gave them in their project. You're lucky if they even invested 25% in their project. It's just a get rich quick scheme. I'm however glad that the ICO/IEO craze seems to be over.

It's the scammers' mentality. Cut as many corners as you can, save as much money as you can and try scam as much money as possible.

I reckon they put in 1-2k on their website, designs, buying followers, domain and hosting, and other fees (whitepaper, etc). It's either a scam now or something that hasn't been finished, and I wouldn't be interested in the project that doesn't have anything on the site(team, mvp).